不同产权性质下管理层能力与企业融资约束
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摘要
在现实经济活动中,企业普遍面临着融资约束问题的困扰。企业融资约束主要源于企业内外部的信息不对称和代理问题,管理层能力可以在一定程度上降低企业内外部的信息不对称,并能够减少在职消费等引起的代理问题。实证检验表明,管理层能力与企业融资约束显著负相关,管理层能力可以缓解融资约束问题;管理层能力对不同产权性质的企业融资约束的影响存在差异,具体来说,相较于国有企业,管理层能力对非国有企业融资约束的负向影响更加显著。
Adequate capital flow is an important guarantee for enterprises to achieve different levels of objectives. However,many listed companies are confronted with narrow financing channels and single financing methods,which makes enterprises face different degree of financing constraints. Therefore,it is important to study the factors that alleviate this problem. This paper examines the impact of managerial ability on the financing constraints of A-share listed companies in the Shanghai and Shenzhen Stock Exchange from the year 2010 to 2015,and examines the differences in the impact of different property rights managerial ability on financing constraints. The results show that managerial ability is negatively correlated with corporate finance constraints,and managerial ability can alleviate the problem of financing constraints. There are differences in the impact of managerial ability on corporate financing constraints of different property rights. Specifically,the managerial ability has a more significant impact on the financing constraints of non-state enterprises than the state-owned enterprises.
Adequate capital flow is an important guarantee for enterprises to achieve different levels of objectives. However,many listed companies are confronted with narrow financing channels and single financing methods,which makes enterprises face different degree of financing constraints. Therefore,it is important to study the factors that alleviate this problem. This paper examines the impact of managerial ability on the financing constraints of A-share listed companies in the Shanghai and Shenzhen Stock Exchange from the year 2010 to 2015,and examines the differences in the impact of different property rights managerial ability on financing constraints. The results show that managerial ability is negatively correlated with corporate finance constraints,and managerial ability can alleviate the problem of financing constraints. There are differences in the impact of managerial ability on corporate financing constraints of different property rights. Specifically,the managerial ability has a more significant impact on the financing constraints of non-state enterprises than the state-owned enterprises.
引文
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[25]Ran D.Cash Holdings and Corporate Diversification[J].Journal of Finance,2010,65(3):955-992.
[26]Lamont O,Polk C,Saaárequejo J.Financial Constraints and Stock Returns[J].Review of Financial Studies,2001,14(2):529-554.
[27]鞠晓生,卢荻,虞义华.融资约束、营运资本管理与企业创新可持续性[J].经济研究,2013,(1):4-16.
[28]卢太平,张东旭.融资需求、融资约束与盈余管理[J].会计研究,2014,(1):35-41.
[29]万寿义,徐圣男.中国上市公司费用粘性行为的经验证据——基于上市公司实质控制人性质不同的视角[J].审计与经济研究,2012,(7):79-86.
[2]Myers S C,Majluf N S.Corporate financing and investment decisions when firms have information that investors do not have[J].Journal of Financial Economics,1984,13(2):187-221.
[3]Claessens S,Feijen E,Laeven L.Political connections and preferential access to finance:The role of campaign contributions[J].Journal of Financial Economics,2008,88(3):554-580.
[4]Cull R,Li W,Sun B,Xu L C.Government connections and financial constraints:Evidence from a large representative sample of Chinese firms[J].Journal of Corporate Finance,2015,32(1129):271-294.
[5]毛新述,周小伟.政治关联与公开债务融资[J].会计研究,2015,(6):26-33.
[6]Laeven L.Does Financial Liberalization Reduce Financing Constraints?[J].Financial Management,2003,32(1):5-34.
[7]魏志华,曾爱民,李博.金融生态环境与企业融资约束——基于中国上市公司的实证研究[J].会计研究,2014,(5):73-80.
[8]李志军,王善平.货币政策、信息披露质量与公司债务融资[J].会计研究,2011,(10):56-62.
[9]Kothari S P,Shu S,Wysocki P D.Do Managers Withhold Bad News?[J].Journal of Accounting Research,2009,47(1):241-276.
[10]夏楸,郑建明.媒体报道、媒体公信力与融资约束[J].中国软科学,2015,(2):155-165.
[11]Graham J,Harvey C,Puri M.Managerial Attitudes and Corporate Actions[J].Journal of Financial Economics,2013,109(1):103-121.
[12]姜付秀,石贝贝,马云飙.董秘财务经历与盈余信息含量[J].管理世界,2016,(9):161-173.
[13]Bertrand M,Schoar A.Managing with Style:The Effect of Managers on Firm Policies[J].Quarterly Journal of Economics,2003,118(4):1169-1208.
[14]姜付秀,伊志宏,苏飞,黄磊.管理者背景特征与企业过度投资行为[J].管理世界,2009,(1):130-139.
[15]Demerjian P,Lev B,Mcvay S.Quantifying Managerial Ability:A New Measure and Validation Tests[J].Management Science,2012,58(7):1229-1248.
[16]Demerjian P R,Lev B,Lewis M F,Mcvay S E.Managerial Ability and Earnings Quality[J].The Accounting Review,2013,88(2):463-498.
[17]Chemmanur T J,Paeglis I,Simonyan K.Management Quality and Equity Issue Characteristics:A Comparison of SEOs and IPOs[J].Financial Management,2010,39(4):1601–1642.
[18]Andreou P C,Karasamani I,Louca C,Ehrlich D.Managerial Ability and Firm Performance:Evidence From the Global Financial Crisis[R].Working Paper,Cyprus University of Technology,2013.
[19]张铁铸,沙曼.管理层能力、权力与在职消费研究[J].南开管理评论,2014,(5):63-72.
[20]廖冠民,唐弋宇,吴溪.经营风险、产权性质、银行竞争与企业债务期限结构:基于流动性风险理论的实证检验[J].中国会计与财务研究,2010,(4):1-75.
[21]余明桂,回雅甫,潘红波.政治联系、寻租与地方政府财政补贴有效性[J].经济研究,2010,(3):65-77.
[22]孔东民,刘莎莎,王亚男.市场竞争、产权与政府补贴[J].经济研究,2013,(2):55-67.
[23]Fazzari S M,Hubbard R G,Petersen B C et al.Financing Constraints and Corporate Investment[J].Brookings Papers on Economic Activity,1988,(1):141-206.
[24]Almeida H,Campello M,Weisbach M S.The Cash Flow Sensitivity of Cash[J].Journal of Finance,2004,59(4):1777–1804.
[25]Ran D.Cash Holdings and Corporate Diversification[J].Journal of Finance,2010,65(3):955-992.
[26]Lamont O,Polk C,Saaárequejo J.Financial Constraints and Stock Returns[J].Review of Financial Studies,2001,14(2):529-554.
[27]鞠晓生,卢荻,虞义华.融资约束、营运资本管理与企业创新可持续性[J].经济研究,2013,(1):4-16.
[28]卢太平,张东旭.融资需求、融资约束与盈余管理[J].会计研究,2014,(1):35-41.
[29]万寿义,徐圣男.中国上市公司费用粘性行为的经验证据——基于上市公司实质控制人性质不同的视角[J].审计与经济研究,2012,(7):79-86.